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Import News
27-03-2024
Amid the ongoing economic challenges faced by Pakistan, the country has witnessed a staggering increase in tea imports, reaching a tremendous value of over $436 million in just eight months, contrasting sharply with the import trends of edible oils (including soybean and palm oil).
Data released by the Pakistan Bureau of Statistics (PBS) shows that during July to February of the fiscal year 2023-24, tea imports amounted to approximately 180,509 tons, marking a significant increase of 10.13% compared to the same period of the previous fiscal year.
The robust demand for tea is evident in the monthly statistical data, with imports soaring by 38.53%. In February alone, Pakistan imported 18,685 tons of tea valued at $452.69 million, representing a substantial increase from the previous year.
Meanwhile, domestic edible oil imports showed a contrasting trend, with soybean oil and palm oil decreasing significantly by 48.10% and 32.47%, respectively, during the same period. Palm oil imports plummeted from $2.681 billion to $1.810 billion, while soybean oil imports experienced a negative growth of 48.10%.
Despite the decline in edible oil imports, Pakistan's food sector has exhibited resilience, achieving a remarkable growth of 54.05% in the first eight months of the current fiscal year. Total food exports surged to $4.969 billion, a significant increase from the previous year's $3.225 billion.
In contrast, food imports during the same period decreased by 18.33%, from $6.687 billion to $5.461 billion.
How Can I Export Tea to Pakistan?
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